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Good morning. Today is April 14th and I'm your host Josh Pete's. Our

top stories today. Permian drilling permits hit monthly record. Meta platforms shuffles its ad leadership and

Russian warship is seriously damaged in the Black Sea. Drilling permits for

new wells in the Permian Basin surged to record levels in March,

according to an analysis published Wednesday from Rystad Energy,

signaling crude oil suppliers in the US finally may be responding to higher prices.

A total of 904 horizontal drilling permits were awarded last month in the Permian, Rystad

reported, and data since March 7th shows an unprecedented period of high

activity that pushed the four-week average to 2-10 for the week ending April 3rd

a record for horizontal permit approvals in the core US

shale patch over four weeks. Private operators who normally comprise a third of production

have accounted for more than half of the permits, as publicly

traded companies remain limited by their pledges to shareholders to pay down debt and raise dividends.

Ristad's head of shale research, Artem Abramov, said,

the surge is permitting activity positions in the industry for continuous rig

account additions in the second half of 2022 and foreshadows a significant increase in supply

capacity from early 2023.

Oil traded up around 3.5% Wednesday as a bearish Department of Energy

Inventory report was offset by a bullish outlook from the International Energy

...